Guaranteed acceptance life insurance is one of the most popular options for seniors over 65 who are searching for additional coverage that will help their families after they are gone. There is a wrong impression that after passing a certain age seniors can no longer get life insurance or the rates are just too high for them to pay. The truth is that your life insurance depends on few factors and older you get it gets harder to find affordable life insurance. However, there are still a lot of options that you can take advantage of if you are a senior, and guaranteed acceptance life insurance no waiting period is just one of them.

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Most of the life insurance policies come with a waiting period and the customers need to fulfill the basic condition of medical check up and certificates. The waiting period means that the insurance company has held a specific period of time in which they will investigate or analyze your health. The premiums paid in that period will be considered only for partial benefits. You will start getting full benefits of the policy only after the policyholder survives that waiting period. If the policyholder dies during this period, the nominee will get only the premiums that have been paid and may be a percentage of the benefits as per the term policy.

Such conditions are there to reduce the risk of the insurance companies. They keep the waiting period to observe the health condition of their ailing or elderly customers.

What is Guaranteed Acceptance Life Insurance and How It Works?

Life Insurance No Medical Exam No Waiting Period

Guaranteed acceptance life insurance is a great choice for you if you are looking for term life insurance and you don’t want to deal with medical exam. It generally ranges for people over 65 to 85. The company you choose must issue it if you pay your premium and that is why it’s also called guaranteed issue life insurance for seniors. The insurance company doesn’t need to know much about your medical condition, therefore, this life insurance may be more expensive than a normal one.

The catch is that you have to pay your policy for 2 or 4 years depending on the company you choose before your family can get the amount of money you expect. Think about this as a waiting period, that is for sure a risky one. These policies are smaller and more expensive, and that is why they shouldn’t be your first choice. However, if you are willing to take a risk or you have no other options, it could use you well.

Does There Exist Any Life Insurance No Medical Exam No Waiting Period?

Yes, such policies exist. There are companies that are ready to give the full benefits of life insurance to their customers after the payment of first installment itself. It means when the policyholder pays the first premium installment, he is entitled to get the complete benefits of the policy even if he dies within a few days.

No doubt this is a great benefit for the people who do not want to go for medical examination or want to avoid waiting period but such policies come with expensive tags. As a customer, you need to pay extra money to buy these policies as compared to the other market policies for life insurance.

Who Needs Such Life Insurance Policies without Any Medical Examination and Waiting Period? 

Many segments of people buy these policies for different reasons, some of them are:

  • These policies are often bought by the people who suffer from critical illness. It makes them concerned about the financial instability of their family. Better late than never, they are ready to buy this policy for the betterment of their loved ones. They look for policy options with full coverage benefits on paying 1 or 2 installments only. The high amount of uncertainty of life due to illness is the main cause of buying these policies by the people.
  • There are elderly people who seek insurance policies to meet their burial expenses. Due to their age and health conditions, they easily get unsure about the expectancy of their own life. They buy such policies to ensure that their loved ones do not feel the burden of their final expenses. In some cases, the pending last medical bills and debts of the deceased can also be paid through such policies.
  • Then there is a segment of people who suffer from chronic illness. Chronic illness is not always life threatening but it cannot be treated. It goes on with the patient as it comes through their genes. Generally, in such cases, the medical examination is done to estimate the danger associated with such illness. When the medical reports illustrate this illness as a health problem of the client, the companies ask them to pay an extra amount for buying the regular insurance policies. The customer feels that as such they are paying extra cost then why not buy a policy without medical examination. Such policies help them to save on the waiting period too. So, without a doubt, the policy with no medical check up and no waiting period becomes their priority.
  • Other than this there are people who do not want to go through the hassle of medical examination. They look for easier policy options in quick time. Life insurance without medical examination becomes their ultimate choice.
  • Sometimes people do not want to disclose their medical condition to their family, friends or business allies. Their concern for the financial future of their family makes them purchase life insurance no medical no waiting period. This ensures that their survivors get a comfortable life even when they depart from the world.
  • There are people who do not have time to go for medical check up and want to avail the benefits of the policy. Buying insurance policies have some benefits other than providing financial well being too such as saving on income tax on policy declaration etc.
  • Rich people who can afford expensive policies in their lives and want to ensure a departure gift to their loved ones on their own demise often buy these policies.

There are several reasons that people have started showing significant interest in buying such policies. Their rising demands and queries have been the reason that the insurance companies have introduced such plans for their customers.

What are the Limitations of Such Policies that Have No Medical Exam and Waiting Period?

There are two major drawbacks of the policies that do not include a medical examination and waiting time.

  • The customers need to pay extra to buy these policies and the cost difference is quite huge in some cases. For examples, if you are paying ‘x’ amount for purchasing a normal insurance policy, you may have to pay ‘x’+ 0.5x’ i.e. 1.5x for purchasing the policy without medical examination and having no waiting period. The difference in the cost is varied as per the age group of the buyers and it often ranges somewhere between 40-50% of the original price which is a huge sum for an individual.
  • The amount that can be availed or insured is less and limited. For example, if you want to ensure your family with a sum of $50,000 via life insurance, a policy without medical check-up and the waiting period will not allow you to provide the coverage for this whole amount. You have a limit on the amount to be paid on the maturity of the policy.

What is the Procedure and Eligibility to Apply for Guaranteed Acceptance Life Insurance No Waiting Period?

Eligibility- Everyone is eligible for these policies as there is no condition for medical exam and age.

Procedure- The process to avail these policies is very simple. You need to start by filling up the application form (if you have already finalized the company from where you want to buy the policy. If not, then you need to do the market research and decide. There is more information on this topic later in this post). In some case, the customers can book their policy by online application or phone booking method too. You need to give accurate details of your residence, nominee, bank accounts etc. You can get instant quotes here.

The terms of premium payments and other details can be discussed at any stage. It is advised that the customer should be completely aware of the terms and conditions of the policy well before they buy it.

Generally, these no exam and waiting period policies are approved instantly as there are no further investigations needed to be done. The companies also want to close their targets and further simplify the process of buying such policies for their customers.

As the first step, fill up the online quote forms of the various insurance companies which offer such policies and submit them. You will get complete policy instructions on your mail.

How to Find the Best Company for Buying Insurance Policies with These Specific Conditions?

The internet is the best source for all sorts of information pertaining to insurance. Especially when the client wants to buy a particular type of policy, it is suggested that they should look for the information related to such policies, read their terms and conditions in detail and find out the reviews of the existing customers. There are forums by the customers as well as the companies where the policy issues and benefits are discussed. If you incur a doubt, you can contact the company as well as put your query on the forums where existing policyholders will help you by answering.

These days various companies and websites offer a comparative analysis of the policies from different companies. Such analysis can be really helpful for the customer to know the pros and cons of all possible options from different insurance companies.

What are the key elements to look for while buying such policies? 

  • First of all, look at the affordability of the policy. If it is too expensive and affecting your budget significantly, then one can discuss the terms with the insurance providing companies or simply consider the competitor’s policy with similar benefits.
  • At times the no medical exam policies have a minimal waiting period too. Although this waiting period may not vary up to months or years still the amount of time should be ascertained by the customer before buying.

Trust only the well-recognized brands when you are laying the bets of life’s most important savings for your loved ones. The trusted companies are never at the risk of going berserk and their strong financial roots help them stay firmly in the field. You can check the company’s financial and customer service background at their help desk or online forums.